You would need USD $100M (at least) for the next 18 to 24 months of work. Note: International drillings are priced in USD.
The Mkt Cap of the company, currently is circa AUD $100M.
20M shares at 7 cents will Only get you $14M AUD, which is about USD $9.38M.
That is a long way short.
If you are looking at raising the full 18 to 24 months, you are looking at 100% dilution (at least), which will require approval from shareholders.
The best the company can do (currently) is raise 15% and then an extra 10% (provided its allowed in the company Constitution) without shareholders' approval.
That is 25% all up, which is circa AUD $25M or USD $16.7M, plus existing cash - that is Only enough for one drill (at best).
